West side detached home listing supply in Dec. is down from the 10 year average by 19% for detached homes, but up 31% for apartments and 23% for townhomes.
Demand in Dec. was up from the 10 year average by 13% for detached homes, 45% for apartments but up 16% for townhomes.
Median home prices in Dec. are off from the peak, by 24% for Detached homes, 16% for Apartments and 15% for Attached Homes so all property types are still good value for Buyers.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 53.4% to 3,093 this Dec. from 2,016 sales in Dec. 2019. This is a .9% increase from the 3,064 homes sold in Nov. 2020.
Dec. 2020 sales were 57.7% above the 10-year Dec. sales average which is the highest on record in what is traditionally the quietest month of the year. This can in part be attributed to the Covid pandemic that created an unusual seasonal pattern in which the market demand collapsed in April and slowly recovered through Oct.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 8,538 down .8% from 8,603 in Dec. 2019 and down 23.2% from 11,118 last month.
For all property types, the sales-to-active listings ratio for Dec. 2020 is 36.2%.
Downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while upward pressure occurs when it surpasses 20% over several months.
There seems to be a high level of optimism in the market and many people will be listing their homes within the next month to take advantage of that. Currently the westside detached and attached homes are still undersupplied while the apartment market has more supply than usual.
The typical, seasonal drop in demand due to buyers and sellers leaving for vacation is different this year as travel plans are curbed due to Covid. This is increasing pressure on the real estate supply and prices.
Buyers in the market today are frustrated by the lack of supply and sharply priced homes are receiving multiple offers and prices over their asking price. Short supply, low interest rates and steady demand will keep pressure on buyers but current prices are still well below the peak and are therefore good value.
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All the best for happy and healthy 2021! 🎉✨